South African Reserve Bank (Sarb) Governor Lesetja Kganyago said that the central bank had responded quickly and aggressively to the COVID-19 crisis but now the country needed to rebuild through investment.
He was speaking in a virtual lecture for the Wits School of Governance.
The governor said that the reserve bank had managed to keep inflation in check but growth for 2020 was still predicted at -7%.
Kganyago said that the country had nearly all the ingredients to obtain growth and create jobs and lift itself out of poverty but to do this, investment was key.
“Let us open up for investment and increase our productivity,” Kganyago said.
He said that much was learnt from the Great Depression in the 1930s and the bank has instituted measures to counter the effect of COVID-19 on the local economy, this included reducing interest rates by 275 basis points, ensuring abundant liquidity for banks, regulatory relief for the financial sector and funding for small business.
But he said that it was up to all South Africans to attract and boost investment.